An investor's portfolio currently is worth $1,000,000. During the year, the investor sells 1,000 shares of Fedex at a price of $80 per share and 4000 shares of Cisco systems at a price of $20 per share. The proceeds are used to buy 1000 shares of IBM at $200 per share.

A) What was the portfolio turnover rates?

B) If the shares in Fedex originally were purchased for $70 each and those in Cisco were purchased for $17.50, and if the investor's tax rate on capital gains income is 20%, how much extra will the investor owe on this year's taxes as a result of these transactions?